Rent Bond
Hell All What is the correct way to account for a residetial tenat bond received that is then paid to the govt bond administrator Thanks Peter H
Forum Discussion
Hi MRBalancedBooks,
Thanks for your post. In this type of situation, consulting with an accountant for an accurate solution is recommended. However, as a general guide, you can manage tenant bonds in MYOB AccountRight by first creating an "Other Current Liability" account to track these bonds if one doesn't already exist. When you receive a tenant bond payment, record it as a "Receive Money" transaction categorized under the tenant bond account. Keep the bond amount in this account until it's time to pay the government bond administrator. Then, create a "Spend Money" transaction using the tenant bond account to make the payment, categorizing it as an expense to the government bond administrator.
Feel free to post again, we're happy to help!
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
Regards,
Earl
I understand you have a Investment Property and have received a Bond which is then on paid to a Government Body.
Agree with Earl that the receipt is posted to a Current Liability is called Rental Bond paid by Tenant.
Would suggest the payment paid to the Government Body would be a Current Asset.
Both Accounts would be reconciled regularly if more than 1 Bond is held.
Duncan